- $60 billion for smaller lending facilities, including minority depository institutions, certified development companies and credit unions;
- $10 billion for grants under the SBA’s Emergency Economic Injury Disaster Loan program;
- $50 billion for SBA disaster recovery loans;
- $2.1 billion for additional salaries and expenses for the Small Business Administration;
- $75 billion for hospitals and health care providers to support for Covid-19 expenses and lost revenue from canceled elective surgeries and other procedures;
- $25 billion for research to develop, validate, manufacture, purchase and administer Covid-19 tests, including $11 billion for states to expand lab capacity.
Both the federal government and Minnesota Legislature have recently passed legislation that will speed critical funds to Minnesota businesses and families. With new legislation comes questions on what the changes mean for Minnesota businesses. The Minnesota Chamber of Commerce recorded a webinar to answer your questions on both the state and federal COVID-19 relief packages. Patrick Baker on the GMG team is also well-versed in these new state/federal programs and is happy to walk any business through them. You can contact him at 507-385-6657 or email@example.com. Continue reading “Webinar: How State and Federal Legislation Can Help Your Business”
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third bill passed by Congress in response to COVID-19. This bill provides significant resources to businesses and individuals alike to weather this crisis. Greater Mankato Growth has compiled a summary of the key provisions in the bill impacting businesses – of which there are many. This may be overwhelming, but know that more resources will be coming soon to assist you as the law is implemented and Greater Mankato Growth will be there every step of the way to ensure you are kept informed with timely and accurate information.
You can also view excellent summaries done by the US Chamber of Commerce and US Senate Committee on Small Business & Entrepreneurship. Continue reading “UPDATED: Stimulus 3.0 – Federal CARES Act: Key Provisions Impacting Employers”
The Minnesota Chamber of Commerce just made available a recording of a webinar they hosted today with experts who discussed how businesses can access capital, work with employees, and better understand how policies passed at the state and federal level can offer businesses relief. You can watch the recorded webinar here.
The Federal Government and State of Minnesota have taken several steps related to taxes to help mitigate the impact of COVID-19 on businesses. Below is a summary of these actions (current as of 2:15 pm March 20) and links to additional resources. Continue reading “UPDATED: COVID-19 Tax Issues for Businesses”
The legislation guarantees free coronavirus testing, enhances Unemployment Insurance, strengthens food security initiatives, and increases federal Medicaid funding to states. In addition, the legislation creates two new paid leave programs that every business under 500 employees and all government employers must implement for their employees 15 days after enactment. Below is a HR 6201 Summary of those new programs. Please don’t hesitate to contact Patrick Baker (firstname.lastname@example.org) with any questions.
Our friends at Blethen | Berens have also created a summary of the new law you can access here.
In May 2019, the Legislature passed a new Minnesota Wage Theft Law to create additional protections for workers and add criminal penalties for employers. Wage theft occurs when an employer avoids paying or fails to pay wages earned by its employees. GMG published a blog highlighting these new requirements here.
For additional information, you can also attend an overview presentation on Minnesota’s new Wage Theft Law hosted by The Small Business Development Center (SBDC) on October 16. More details on this event are below. Continue reading “SBDC Holding Minnesota Wage Theft Law Seminar”
The 91st legislative session kicked off on January 8, 2019 after a November election that saw Mankato native Tim Walz elected governor, the House flip to DFL control, and Republicans maintaining control of the Senate through the one open seat up for a special election. This made Minnesota the only state in the union with divided party control of its legislature.
The administration and legislature discovered in February that they would be working with a $1 billion budget surplus, which was slightly less than projected in the November forecast. Both Democrats and Republicans announced their session priorities early, and it was apparent compromises would have to be made. While it took a special session to finalize the budget, Governor Walz and the legislature reached agreement on a $48.3 billion biennial General Fund budget. This represents a 6% increase in state spending. The bipartisan budget agreement reached by the Governor and legislative leaders spends roughly $48.3 billion, a 6.2% increase over the previous biennium. About half this increase goes to E-12 education.
Here’s a quick rundown of what happened — and what didn’t — on key issues for employers and the Greater Mankato area. Greater Mankato Growth was actively engaged on all of these issues and more on behalf of our members. Continue reading “2019 Legislative Session – What Happened (And What Didn’t)?”
The Minnesota House Transportation Finance and Policy Committee will hold a field hearing in Mankato this coming Friday, March 8. The Committee will hear testimony on HF 538 – a bill that would provide funding to complete the expansion of Highway 14 to four lanes between Nicollet and New Ulm. This a great opportunity for residents and businesses of Southern Minnesota to make their voice heard. Below are additional details on the hearing and how to sign up to testify. Continue reading “House Transportation Committee to Hold Hearing in Mankato”
The Minnesota Legislature is considering a series of bills that would mandate that employers provide certain benefits to their employees. These proposals include state-mandated paid time off policies, paid family and medical leave, minimum wage, and predictive scheduling. The Legislature will begin hearings on these bills this week. Businesses are encouraged to weigh in with our legislators with their thoughts on these issues. Additional details on the proposals under consideration and how to contact your legislators follows. Continue reading “Workplace Mandate Bills Under Consideration at Legislature”